(Reuters) – U.S. gasoline prices jumped 11% over the past week to the highest since 2008 as global sanctions cripple Russia’s ability to export crude oil after its invasion of Ukraine, automobile club AAA said on Sunday.
AAA said average U.S. regular grade gasoline prices hit $4.009 per gallon on Sunday, up 11% from $3.604 a week ago and up 45% from $2.760 a year ago.
AAA said that was the highest average for regular grade gasoline since July of 2008, when U.S. crude futures soared to a record $147.27 a barrel.
The most expensive gas in the country is in California at $5.288 a gallon, followed by Hawaii ($4.695), Nevada ($4.526) and Oregon ($4.466), according to AAA.
Gasoline price provider GasBuddy said the average price of U.S. gasoline spiked nearly 41 cents per gallon, topping $4 for the first time in almost 14 years, and stands just 10 cents below the all-time record of $4.103 per gallon.
GasBuddy said that weekly increase was the second largest ever, following a jump of 49 cents per gallon during the week of Sept. 3, 2005, after Hurricane Katrina tore through the U.S. Gulf Coast.
Total domestic gasoline stocks decreased by almost 500,000 barrels to 246 million barrels during the week ended Feb. 25, while gasoline demand increased from 8.66 million barrels per day (bpd) to 8.74 million bpd, according to the latest weekly data from the U.S. Energy Information Administration (EIA).
“An increase in gas demand, alongside a reduction in total supply, is contributing to price increases, but increasing oil prices continue to play a leading role in pushing prices higher,” AAA said in a release, adding that, “pump prices will likely continue to rise as crude prices continue to climb.”
U.S. crude futures gained 26% last week to settle at $115.68, their highest close since September 2008.
(Reporting by Scott DiSavino; Editing by Bill Berkrot)